Ben McKenzie and Sarah Matthews: We Are Drowning in Scam Artists

In this episode of The Bulwark, hosts Tim Miller and Ben McKenzie dive deep into the rampant fraud and corruption surrounding cryptocurrency, with McKenzie's new documentary 'Everyone is Lying to You for Money' serving as the central focus. McKenzie, once a crypto skeptic, recounts his journey from curiosity to conviction, detailing how he uncovered a world of scams, criminal activity, and systemic fraud—highlighting the $154 billion in criminal activity facilitated by crypto in one year. He dissects the myth of decentralization, exposing how crypto is dominated by corporations, including Trump's World Liberty Financial, and how the Trump administration has gutted regulatory oversight, pardoned crypto criminals like CZ, and enabled a new era of financial corruption. The conversation shifts to the broader implications, including the rise of Trump's stablecoin, the role of figures like Howard Lutnick and Jeffrey Epstein in crypto’s underbelly, and the moral failure of the crypto industry to oppose these abuses. The episode also features Sarah Matthews, former Trump White House deputy press secretary, reflecting on her decision to leave the MAGA movement and her discomfort with the administration’s increasingly absurd and dangerous rhetoric, including Trump’s false claims about the Strait of Hormuz and his manipulation of the White House Correspondents Dinner. Together, the guests paint a picture of a nation drowning in scam artists—both in politics and finance—where truth, accountability, and democratic norms are being systematically dismantled. Key takeaways include: 1) Crypto is not a revolutionary financial system but a vehicle for crime and corruption, with 90% of activity being speculative or illicit; 2) The Trump administration has actively dismantled crypto regulation and pardoned major fraudsters, turning the U.S. into a haven for financial criminals; 3) Stablecoins like Tether are de facto digital dollars used for money laundering and black-market trade, controlled by powerful elites; 4) The lack of political will to regulate crypto or investigate its ties to the Trump family is a betrayal of public trust; 5) The only path forward is robust regulation of crypto as securities and a federal investigation into the Trump family’s $4 billion crypto windfall. The episode ends on a note of cautious hope, urging listeners to demand accountability and to support reforms that protect democracy from the next generation of scam artists.